Analysis of the Potential Economic Impact of Parking Space Comprehensive Utilization on Traditional Business District

Jun Guo, Hongzhi Guan, Yan Han () and Yunqiang Xue
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Jun Guo: Faculty of Urban Construction, Beijing University of Technology, Beijing 100124, China
Hongzhi Guan: Faculty of Urban Construction, Beijing University of Technology, Beijing 100124, China
Yan Han: Beijing Key Laboratory of Traffic Engineering, Beijing University of Technology, Beijing 100124, China
Yunqiang Xue: School of Transport Engineering, East China Jiaotong University, Nanchang 330013, China

Sustainability, 2023, vol. 16, issue 1, 1-24

Abstract: This paper investigates the latent classes of parking preference for drivers and the economic effects after implementing Parking Space Comprehensive Utilization (PSC) in traditional business districts (TBD), with a particular focus on the parking preferences of electric vehicle users (EVU). Firstly, Exploratory Factor Analysis (EFA) is used to reduce dimensionality and determine the latent structure. Then, based on the Latent Class Model (LCM), the customers are classified, and the proportion of each class under various latent variables is analyzed. Finally, the paper conducts a quantitative analysis of economic effects by considering different psychological factors across different customer classes. With the data obtained from revealed preference (RP) and stated preference (SP) surveys, this paper identifies the customers’ preferences for the three scenarios presented. The results show that (1) customers can be classified into four classes: core customers (CCS, 34%), potential customers (PCS, 29%), regular customers (RCS, 22%), and marginal customers (MCS, 15%), among which EVU do not show a significant preference for parking charging facilities in TBD; (2) the potential economic improvements for these four classes are: 9%, 12%, 8%, and 10%; (3) CCS has the greatest potential to increase store revenue by ¥7041, while PCS has the greatest potential to increase store customer flow by 31%. These findings provide a valuable reference for decision-making by TBD store managers.

Keywords: traditional business district; shared parking; latent class model; hidden cost psychology; potential economy (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2023
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